Oil producing monarchs of Persian gulf decided to keep oil production unchanged till March 27 meeting of OPEC

/IRBIS, Feb.24, 00/ - PRIME-TASS informs, with the reference to the statement made after Wednesday meeting of the ministers of Arabian six oil producing countries, that member countries of Council on cooperation among Arabian countries of Persian gulf (CCACPG) made a decision to keep the oil production unchanged till March 27 meeting of OPEC. Six Arabian countries, namely, Bahrain, Qatar, Kuwait, UAE, Oman and Saudi Arabia consider $25 per barrel price reasonable for both the producers and the consumers. After the meeting of the ministers of six Arabian oil producing countries they decided that there was no necessity to increase oil and petroleum product supplies now, though USA and other developed countries were insisting on it. It is said CCACPG countries would not make steps without making an agreement with OPEC, and that balance between the production and consumption was the main criterion for the stability in world economy. Another meeting is planned on March 2 between oil and mineral resources minister of Saudi Arabia Ali ibn Ibrahim an-Nuaimi and his counterparts from Venezuela and Mexico. It is said Arabian six oil producing countries account for 20% of world oil supplies.